Interesting findings on high levels of debt and vulnerability and lack of financial knowledge among the British adult population in the first Financial Lives Survey 2017 released by The Financial Conduct Authority (FCA). It is compiled from consumer researcher on over 13,000 adults. According to the survey 69% of those aged over 75 displayed some vulnerability. To see what this actually means consult the website. Topics covered include debt levels, assets (home ownership/savings/investments) and pension provision.
Interesting to compare with several other reports issued this week which emphasise generational inequality arguing that younger people are less well off.
- The IPPR Commission on Economic Justice Wealth in the twenty-first century: Inequalities and drivers looks at the distribution of wealth in the UK, examining regional, ethnic, class and gender divides.
- The Great Escape? Low pay and progression in the UK’s labour market– Social Mobility Commission- and Resolution Foundation considers whether progress has been made in raising wage levels of the poorest in society.
The topic of ‘generation wealth’ and generational wealth differences is one which is also covered extensively on the IFS website. For official UK government statistics try the official ONS website for the latest data.
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